On March 4, the Bank of Canada lowered its target for the overnight rate to 1.25 per cent due to COVID-19’s adverse effect on both the Canadian and global economy. COVID-19 has halted business activity and disrupted the supply chain and as a result, pulled down commodity prices and the value of the Canadian dollar.

The Bank of Canada will continue to monitor the economic and financial conditions closely and will announce the next overnight rate targeted for April 15.

For more information, please click the button below for the Bank of Canada’s full press release: